by Life Credit Company | Apr 10, 2020 | Financial Assistance for Cancer Patients
Can you get life insurance when you have cancer? That’s a question many patients ask themselves after a diagnosis, as they grapple with the reality that the future is uncertain—and they want to support and prepare both their families and themselves. Life insurance can be a valuable financial tool for cancer patients, with some policies that build cash value and others that allow beneficiaries to pay for final expenses in the case of a terminal diagnosis. However, it can be hard to envision such an outcome, especially when you’re young and healthy, which is why many people find themselves in the position of being diagnosed with cancer and not having life insurance. What are Your Life Insurance Options After a Cancer Diagnosis? Speak to your insurance provider and ask, can you get life insurance when you have cancer? Policies vary among companies, but it is common for those currently undergoing treatment, or who have been diagnosed within the last few years, to be ineligible for traditional term or whole life policies; depending on the company, however, they may allow them to purchase a policy but at a much higher rate. Consider a final expense policy, which is geared toward terminal patients who want to help provide for their families in their final days. Explore guaranteed issue life insurance policies. A guaranteed issue life insurance policy is a type of whole life insurance that does come with a much higher price tag and less coverage—but can be a good option for patients who’ve been denied access to other types of policies. There is no medical exam involved and applicants don’t...
by Life Credit Company | Apr 6, 2020 | Financial Assistance for Cancer Patients
A living benefit loan can be a literal lifesaver for people facing critical illness. And, for those facing a terminal diagnosis, it can help ease the pain of their last days. Cancer and other serious medical illness can be a major financial obstacle: Some estimates are that more than 4 million Americans are suffering from financial stress related to cancer. What is a living benefit loan? Life Credit’s Living Benefit Loan program allows those with at least $75,000 in life insurance coverage to borrow up to half of their life insurance policy’s death benefit—no credit checks, no restraints, and no expectations. Here are just a few of the advantages a living benefit loan can have for you and your family: Zero loan payments: The policyholder has no obligation to personally repay the loan; the policy’s survivor benefit is responsible for the loan, and beneficiaries will then receive the rest of the death benefit. And, because the loan is secured by your life insurance coverage, you don’t need to offer collateral. Fast turnaround: A living benefit loan is a way for those in serious financial straits from a medical crisis to get cash fast. Medical bills for therapies, medications, and treatments can pile up quickly and can threaten to overwhelm someone who is already dealing with life or death matters. Instead of jumping through lots of hoops and red tape, clients typically receive their funds within three days of application. No premiums: Once you receive a living benefit loan, you can say goodbye to your insurance premiums, which allows you even more cash to help with your expenses. Flexibility: Life...
by Life Credit Company | Mar 18, 2020 | Financial Assistance for Cancer Patients
High healthcare expenses are a problem for even the healthiest individuals, but when you introduce a serious medical crisis like cancer, the price tag can skyrocket, financially crippling people around the world. From small payments that add up over time like co-pays to big-ticket bills for procedures such as surgery or ongoing prescription-drug treatments, cancer and bankruptcy are unfortunately becoming synonymous. What is the Average Debt from Cancer? The average debt from cancer is staggering. According to new research published in The American Journal of Medicine, more than 42% of patients spent their entire life savings within the first two years of treatment, an average of $92,098 per person. An overwhelming 62% of patients report some level of debt following treatment, with 55% accruing at least $10,000 in debt. In one study, more than half of patients reported extreme financial complications from cancer treatment, including house repossession and relationship breakdowns, as financial stressors complicate all facets of one’s life. Cancer’s Financial Burden Cancer and bankruptcy are all too common. According to a study published in the Chicago Tribune, cancer patients are more than twice as likely as healthy Americans to declare bankruptcy. In that same research, 16% of patients reported “overwhelming financial distress,” while nearly 40% said they weren’t prepared for the financial burdens their cancer diagnosis brought. A number of factors may be fueling the growing average debt from cancer, such as tightening restrictions on what prescription drugs insurance carriers will cover, rising deductibles and increasingly narrow networks of doctors and hospitals, which prompt some patients to seek better treatment — albeit much more costly — elsewhere. Life...
by Life Credit Company | Feb 14, 2020 | Financial Assistance for Cancer Patients
Cancer can be a financial drain—no matter the age of the patient. When a young person is facing cancer, his or her financial future may especially be impacted, as younger patients are less likely than older people to have savings or to even have insurance. Many young people battling cancer may even decide to change education plans because of fears over finances; however, thankfully, there are many scholarships for students with cancer that can enable them to continue to seek higher education all while getting back on the path to good health. Nearly all college-bound individuals seek financial support, as education costs continue to skyrocket—and, as costs for cancer rise just as quickly, that has paved the way for scholarships for students with cancer. Scholarship eligibility varies, but most require the student to submit medical documentation of a past or current diagnosis, and some may also take income and other factors into account. If you’re looking for scholarships for students with cancer, here are two good places to start: Cancer for College This national organization has provided more than $3.5 million in scholarships to nearly 1,400 cancer survivors, including $500,000 last year alone. It offers one-time scholarships of up to $5,000 to college, community college and graduate students. Applications are accepted Nov. 1-Jan. 31 every year, and students can also opt to apply for 10 specialized scholarships, which focus on certain geographic areas, college majors and schools. National Collegiate Cancer Foundation Every March, NCCF begins accepting applications for two separate scholarship programs, each of which provide $1,000 awards. The Survivor Scholarship Program is for students ages 18-35 who are...
by Life Credit Company | Dec 10, 2019 | Financial Assistance for Cancer Patients
If you’ve found yourself in a financial bind because of crippling medical debt, you’re not alone: Financial side effects can be just as serious and severe as physical ones when it comes to life-threatening conditions like cancer. Many cancer patients are in need of quick cash to pay down mounting medical bills, prompting some to cash in or borrow against their life insurance policy. While this is an option for many, there are a number of factors to consider first. Here are 5 things to check before borrowing from a life insurance policy: 1. Will your death benefit be affected? No one wants to leave their loved ones unprotected after they pass, so it’s important to understand how a loan against your life insurance may impact the death benefit you’ve likely long invested in for your beneficiaries. 2. Is there an opportunity cost? Lenders may sneak in a number of added fees, such as this one that refers to the difference between the amount your invested premiums were earning and the amount of interest you’ll be paying. 3. Understand the interest rates. Most life insurance loans range from 5% to 8% interest rate, and it is compounded—meaning you’ll essentially be paying interest on your interest, which might be a deterrent for some individuals in the long term. 4. Calculate your actual payments—and your ability to make them. Factor in interest and determine just how much you’ll be paying back on the loan, and for how long. Add in other expenses and weigh this against your income to determine if borrowing against the policy is a feasible financial decision. 5....
by Life Credit Company | Oct 17, 2019 | Financial Assistance for Cancer Patients
When a medical crisis hits, one of the first things you may be thinking—but one of the last things you’re prepared for—is how to meet the financial burden of your diagnosis. In the case of cancer, patients have to contend with co-pays, treatment costs, medication regimens, leaves of absence from work and many more factors that can cause the medical bills to pile up, and debt to quickly climb. Thankfully, like other big-ticket expenses in life, there are loans available that can help patients confront some of that debt. If you’re exploring how to get a loan for medical expenses, the first thing to consider is the source, as everyone from banks to healthcare providers to private organizations have begun offering medical loans. The type of loan is also key, as each has a set APR that could end up pushing accrued interest sky-high and a term length that must also be evaluated realistically in light of the patient’s financial situation. It’s important to establish whether you want a fixed or variable loan rate—the first of which guarantees a locked-in interest rate, and the latter that can change over time. Eligibility is also a consideration, as personal loans all have varying requirements for applicants, particularly around credit score. Another avenue for getting a loan to cover medical expenses is through life insurance. In some cases, policyholders can borrow against their policy through a collateral assignment, which involves transferring the policy into the lender’s name so that that entity is the primary beneficiary. Alternately, options like Life Credit’s Living Benefits Loans also allow you to borrow against the value of...
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